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News Now

CU System
Prize-linked savings, parity bills intro'ed in N.Y. Legislature
ALBANY, N.Y. (3/19/14)--Two pro-credit union bills recently made their way to the floors of the New York Legislature (The Point March 18).

The first bill, S.6805/A.9037, would allow credit unions--and other financial institutions--to offer members prize-linked savings accounts that would provide consumers with incentives to actively put away money.

The other bill is an extension of the state's "wild card" law, enacted in 2007, that allows state-chartered credit unions to apply for and exercise banking powers only federally chartered credit unions can now utilize, called S.6735/A.9057.

If passed, the law would be extended for an additional five years.

Versions of both bills were passed by the Legislature last year, but Gov. Andrew Cuomo vetoed each, citing concerns over some of the language used in the bills.

Leaders of the Credit Union Association of New York have been working with the governor's office over the past year to help clean up any issues with the bills, while continuing to drive them forward.


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